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Budget: Osborne Targets Banks And Property Investors

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http://www.guardian.co.uk/uk/2010/jun/20/budget-osborne-deficit-tax

Budget: Osborne targets banks and property investors

Rise in capital gains tax – perhaps to 50% – and new levy on banks as chancellor aims to inject "fairness" into budget

Britain's fast-recovering banks and well-heeled property owners will be among those at the top of George Osborne's target list as he sets out tomorrow which sectors of society must shoulder the steepest tax rises in what is expected to be one of the toughest budgets in decades.

The chancellor has vowed to press ahead with huge rises in capital gains tax (CGT) that could take it to 50%, as well as announcing a levy on the banking sector. He sees these measures as injecting an element of fairness into an otherwise punishing course of fiscal medicine he is prescribing to repair the public finances.

Little detail has been given about the bank levy, which could be imposed on assets or liabilities, but it is expected to raise at least £2bn. It follows the one-off tax on bonuses imposed by Alistair Darling, raising £2.5bn.

Some want bank profits to be taxed, but the Treasury is said to favour a balance sheet tax. This would see the greatest contribution come from the largest banks which benefited most from the bailout. Osborne hopes heavy taxes aimed at these groups will be received as equitable

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No one seems to care about this Only Me - post a thread about a North Korean cat who is nicking apples from the Enlgish footie team.

Hang on, I'll go and find the details.

May be some time. :rolleyes:

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"Ozzy" might just have delt BTL a death blow...............If not then its badly shot up.

If the banks are told no more BTL loans, then this insane monster that Brown set lose is no more.............

Mike

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"Ozzy" might just have delt BTL a death blow...............If not then its badly shot up.

If the banks are told no more BTL loans, then this insane monster that Brown set lose is no more.............

Mike

After all our years of fighting it... the Vince of Cable steps forward and kills it using the power of the Osbourne? I was going to resort to chucking salt water over it.

One daren't hope that they will raise a punitive CGT on this beast... out of fear they won't but there is so much talk in the meeja this weekend about it it is either a cert... or a brilliant bluff!

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God I hope this is true!

The Buy to Lets have totally raped this economy, and deserve to be hit so hard they never comeback. Total scumbags, that are too thick to understand what damage they've done.

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http://www.guardian.co.uk/uk/2010/jun/20/budget-osborne-deficit-tax

Rise in capital gains tax – perhaps to 50% –

I'll believe it when I see it. Maybe they'll try for 50% in certain special minority situations - but a blanket 50% has absolutely no chance of sticking. It all sounds good in the soundbite, but watch out for the devil in the detail as usual. Just like the 2.5k CGT threshold - pigs have more chance of flying.

IMO, of course.

:rolleyes:

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I'll believe it when I see it. Maybe they'll try for 50% in certain special minority situations - but a blanket 50% has absolutely no chance of sticking. It all sounds good in the soundbite, but watch out for the devil in the detail as usual. Just like the 2.5k CGT threshold - pigs have more chance of flying.

They've always indicated that there would be concessions for capital gains arising out of entrepreneurship and industry, as opposed to speculation.

Also the aim has always been to bring it more in line with income tax ... so "up to 50%" might be more accurate. If CGT is levied at the individual's top rate of income tax, the granny who sells off her portfolio when she retires won't be badly hit. The granny selling a BTL might be a different story. Maybe some clever accountants or institutions will create disinvestment vehicles that trickle out the proceeds over years.

On the balance sheet tax, I like this idea. A small, well-run, highly profitable bank doesn't pose risk to the taxpayer in the same way that a lumbering behemoth does. Taxing according to the size of the balance sheet, rather than profit, captures that difference.

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On the balance sheet tax, I like this idea. A small, well-run, highly profitable bank doesn't pose risk to the taxpayer in the same way that a lumbering behemoth does. Taxing according to the size of the balance sheet, rather than profit, captures that difference.

Me too. Could another upside be that to reduce their balance sheets, banks are encouraged to write down loans to market value and stop hiding bad debt?

Maybe even encouraging them to seize & sell off repossessions? Gets them off their balance sheets. Reduces their tax.

And could this put more houses on the market at lower cost?

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I Care !!!

This is the obvious thing to do. Target those who profitted most in the last 10 years, i.e. the housing speculators, the banks and the public sector. Tax them into the ground and use the money to reduce the deficit and build a sustainable economy.

It's not rocket science, its f8*king obvious.

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No one seems to care about this Only Me - post a thread about a North Korean cat who is nicking apples from the Enlgish footie team.

People care, but until tomorrow it is all just chatter.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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